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After two weeks of incessant pressure on sales and analysts' abandonment of analysts, it seems that BTC / USD sellers are exhausted. Note that BTC finds minor support at $ 3,600 or November 25, and if today's closing was higher, we could see a temporary recovery of $ 4,700. On the other side and the projections of Vinny Lingham will be valid.
Latest Bitcoin news
Ten months after the unfortunate piracy that cost $ 530 million of NEM diverted from Coincheck, the Japanese stock market is back in business after the restoration of XRP and Factom (FCT) deposits and purchases. This now means that users can drop and remove in fiat – yen and crypto. This is apart from allowing registrations. Its lending service is now up and running again, but traders will not be able to take advantage of their trades and will not be able to deposit bad checks in convenience stores.
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As Coincheck moves forward, BitMex Insurance Fund now holds 18,851 BTCs. According to the stock market, the fund is used to prevent the positions of self-deleveraging traders and the fund derives its growth from market liquidation executed at a better price than at the level of bankruptcy. For this reason, online commentators now believe that this slight buildup of Bitcoin would help price quotes after two weeks of turmoil that saw the BTC sink 1,500 hours after the disastrous war between Bitcoin Cash SV and ABC.
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If bulls found a way to bounce back above $ 5,000, market analysts avoided bullish comments. While speaking to CNBC Fast Money, Vinny Lingham of the Crypto Winter Civic Conference predicts that bitcoin prices will be trapped in a narrow range of $ 3,000 to $ 5,000 until the end of the second quarter. 2019. Meanwhile, there will be a lot of short-term purchases that will surely help the recovery.
BTC / USD price analysis
Weekly table
At spot prices, the BTC / USD is down 23% in the weekly chart and, unfortunately, the declines are not slowing.
Although we expect a temporary setback, the wait for the past two weeks has deeply shaken the coin holders and with the emergence of a new faction – the sodlers, we could also see a temporary respite offering these sellers a new opportunity to unload more. fueling this sales frenzy.
Unless otherwise stated, prices are expected to exceed minor resistance of $ 4,700 and perhaps $ 5,000, but we will remain optimistic. We expect prices to hit $ 3,000 by the end of the week.
Daily table
According to our latest BTC / USD price analysis, sellers have clear control and, as mentioned above, aggressive traders can seize every opportunity to better unpack their holdings in BTC. If bulls fail to break the $ 4,700 mark, assuming prices rebound.
After all, they can now get BTC to find short-term floor prices at $ 3,600 or the lowest on November 25th. However, if buyers exceed $ 4,700 and exceed $ 4,700, we may experience a temporary rebound of $ 5,000 and even $ 5,800 as the market reacts.
All Charts Courtesy of Trading View
Warning: The views and opinions expressed are those of the author and do not constitute investment advice. Trading in any form involves a risk, as well as your due diligence before making a trading decision.
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